Frontera Energy Corp. released an exploration update on its Colombia prospects in the Lower Magdalena Valley, including its exploration joint venture with Parex Resources Inc. in the VIM-1 block.
“We are excited that the first well with our partner Parex in the Lower Magdalena Valley has been a success,” said Richard Herbert, CEO.
“Testing results from the La Belleza-1 well on the VIM-1 block are very encouraging, especially given the limited capacity of the testing equipment on site. The well’s combination of light oil and natural gas complements our overall portfolio mix of light and heavy crudes and our strategic goal to increase the portion of natural gas in our production profile.”
The company recently started drilling the Asai-1 exploration well on the Guama block, also in the Lower Magdalena Valley where it’s targeting liquids and natural gas. This year and beyond, Frontera will look to increase its natural gas production in the Lower Magdalena Valley where it has excess gas processing capacity at the La Creciente field, according to the company.
“It is encouraging to start 2020 with exploration success, as we are targeting significant high impact exploration activities in Colombia, Ecuador and Guyana this year,” Herbert added.
Lower Magdalena Valley Exploration
Separately, the La Belleza-1 exploration well on the VIM-1 block (Frontera 50% WI, Parex 50% WI, operator) was drilled to a total depth of 11,680 feet. A total of 179 feet (155 feet total vertical depth) of potential hydrocarbon bearing reservoir was encountered in the Cienaga De Oro formation and drilling operations were stopped to allow testing of the open hole section. The well will be flow tested for one additional week followed by an extended 30-day pressure buildup period.
The joint venture partners are evaluating options to drill one or two additional delineation wells in the second half of 2020 from the existing La Belleza well pad.
Additionally, and in the same area, the company spud the Asai-1 exploration well on the Guama block (Frontera 100% WI, operator). The well is expected to take approximately 75 days to drill with results expected in May 2020.
Frontera is a Canadian public company with operations focused in South America. It has assets with interests in more than 40 exploration and production blocks in Colombia, Peru, Ecuador and Guyana.
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